Retal Urban Development Company has revealed that it has given Building Construction Company, one of its major subsidiaries, a SAR224.4 million ($59.7 million) construction contract for a significant project situated in the Saudi port city of Jeddah.
According to the agreement, Building Construction Company will build 442 residential units as part of the South Jeddah development, Retal stated in a filing to the Saudi Stock Exchange Tadawul.
It also stated that the entire project would be finished in thirty months.
Regarding the financial impact, the business said that it is anticipated to have a favorable effect on the outcomes following the commencement of the project execution in 2024, 2025, 2026, and 2027.
